IOTA Coordicide: Demand by companies amounts to 1,000 TPS

cinerama 2020-04-19 16:04

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During the IOTA Argentina Meetup, Darcy Camargo, a member of the IOTA Foundation’s research team, revealed that with Coordicide version 1 there is a need for 1,000 transactions per second by companies.
The IOTA Coordicide protocol will be able to scale unlimited in the long term with sharding mechanisms that have not yet been revealed yet.

In the third edition of the IOTA Argentina Community Cluster Meetup, Darcy Camargo, who is part of the research team of the IOTA Foundation, informed about the transition from Coordinator to Coordicide, giving new insights on a non-technical level. Camargo explained that there are basically three reasons to remove the Coordinator: responsibility, scalability and centralization.

As Camargo explained, the current situation is that the IOTA Foundation is “responsible” for the IOTA tokens of users. This responsibility is supposed to be transferred to the owner of the IOTA Token. Apparently, the removal is also intended to eliminate the current centralization of the project. Ultimately, however, the removal of the coordinator will also result in a significant increase in scalability.

The transition involves many steps and does not simply consist of removing the Coordinator. Rather, the removal of the Coordinator is only the “tip of the iceberg”, as Camargo stated in his presentation:

Coordicide is about building the IOTA network the way it was meant to be. Making it fast, secure, scalable and decentralized.

Camargo also explained that Coordicide will not immediately be used as a protocol for the Internet of Things (IoT). According to the plan of the IOTA Foundation, Coordicide version 1 will initially focus on the Internet of People (IoP), while its successor, version 2, will concentrate on the IoT.

Version 1 of IOTA Coordicide will be able to handle 1,000 TPS

Regarding the scalability of Coordicide, Camargo noted that, according to the “hard definition”, it will handle an unlimited number of users and transactions, which means that the protocol itself meets the requirement. Other factors, such as the network, cannot be ignored, however, according to Camargo, so a “softer meaning” is more appropriate: the network must meet current and future needs. Camargo also stated that this demand is around 1,000 transactions per second with version 1:

We don’t have official numbers of course, that’s a discussion we have, we have an objective. But in general, when we talk what we want to achieve, we say well, we want the first version of the Coordicide network to be able to achieve at least 1.000 transactions per second.

And this happens because we have a demand for 1.000 transactions per second. As I was told many times, we have company that are ready to use network.

With future versions, there will be further improvements, including sharding mechanisms (slicing, atlas), which are still being researched. However, the IOTA Foundation is still working on this, so Camargo didn’t want to disclose any further information on this.

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